| It's that time again, the April 15 tax deadline is | | | | much as $4,000. For those at higher adjusted gross |
| looming large. If youre like most people, you havent | | | | incomes limits ($80,000 single, $160,000 married filing |
| gathered all of your tax records, let alone filled your | | | | jointly) the deduction is limited to $2,000 for 2004. |
| return.Before you dig in and get started, take this | | | | This deduction must be coordinated with other |
| opportunity to first review a list of a few tax | | | | education credits and savings vehicles.Work-Related |
| deductions to which you may be entitled if you | | | | Expenses: You can write off many work-related and |
| itemize deductions but most people overlook. Many | | | | work-search expenses, such as education that |
| of these deductions are subject to various limitations, | | | | maintains or improves your skills, certain business |
| so consider getting professional help from your tax | | | | tools, dues to labor unions, cell phone depreciation, |
| advisor and accountant to determine which | | | | certain expenses to search for job in your present |
| deductions you qualify for and which items apply to | | | | occupation, including employment agency fees, resum |
| your specific circumstances. Remember, there are | | | | preparation, and travel expenses (local and out of |
| hundreds of deductions throughout the tax laws; | | | | town) and cleaning and laundry bills when on a |
| many of them can be quite obscure but also quite | | | | business trip. Work-related expenses are subject to |
| lucrative. Here are seven commonly missed | | | | the 2% floor on miscellaneous deductions. |
| deductions to keep top of mind:Points on Refinancing: | | | | Furthermore, if you buy a new SUV for business use |
| With interest rates so low in 2003, there was a great | | | | that weighs more 6,000 pounds, and file Schedule C |
| deal of refinancing activity. Any points you pay to | | | | or other business tax return you may be allowed to |
| refinance your home can be deducted ratably over | | | | write off the full amount (up to $102,000 in 2004) in |
| the life of the new loan. Furthermore, all unamortized | | | | one year as a business expense subject to |
| points on old refinancing are deducted in the year of | | | | limitations.Clean-Fuel Deduction: If you are not in the |
| the new refinancing.Health Insurance Premiums: Any | | | | market for a large SUV for business, you still can get |
| health insurance premiums you pay, including some | | | | a deduction for your personal car, another |
| long-term care premiums based on your age, are | | | | above-the-line deduction of up to $2,000 for 2003 |
| potentially deductible. Medical expenses have to reach | | | | ($1,500 for 2004) of the cost of buying a clean-fuel |
| 7.5% of your adjusted gross income before they | | | | vehicle or a car that uses a significant source of |
| give you any tax benefit. Self-employed people can | | | | energy other than gasoline. That includes hybrid cars, |
| deduct 100% of health insurance premiums paid for | | | | such as the Toyota Prius, the Honda Insight and the |
| themselves, their spouses and their | | | | Honda Civic Hybrid. You get the deduction in the year |
| dependents.Non-Cash Charitable Contributions: If you | | | | you start using the car, and you must be the original |
| have used your charge card for contributions to | | | | owner.Investment and Tax Expenses: In addition to |
| charity, remember that the deduction is allowed in | | | | forgetting to deduct tax-preparation fees and the |
| the year that you made the charge, not when you | | | | portion of your legal, accounting or financial planner |
| actually pay the bill. Also, you may write off certain | | | | fees that relate to tax planning, many people miss |
| out-of-pocket expenses related to charitable | | | | deducting investment expenses. Those include certain |
| activities. Appraisal fees paid to value property | | | | fees paid to your financial advisor and/or broker and |
| donated to charities may be taken as a miscellaneous | | | | certain IRA fees you may pay directly. It also may |
| deduction subject to the 2% floor on miscellaneous | | | | include mileage for meetings and long-distance phone |
| deductions.Higher-Education Expenses: If your | | | | calls to your advisor or broker. Dont forget to include |
| adjusted gross income wasnt more than $65,000 | | | | deductions for the cost of your investment |
| ($130,000 for married, filing jointly) in 2003, you can | | | | publications or subscriptions, safe deposit boxes used |
| get an above-the-line deduction for as much as | | | | for investment-related documents, these deductions |
| $3,000 for any higher-education tuition and fee | | | | are subject to the 2% floor on miscellaneous |
| expense you paid. For 2004, the deduction can be as | | | | deductions. |